EXCESS LIABILITY & UMBRELLA INSURANCE BY JD FULWILER

Our primary goal is to deliver peace of mind to our partners. We achieve this by offering solutions like umbrella and excess liability insurance that elevates coverage beyond the payout limits of primary policies.

Each option overlaps in coverage, but they distinguish themselves by how they complement your existing plans. Here’s a summary of both considerations for added context:

• Umbrella Insurance: This plan extends liability coverage beyond a single event, acting as an umbrella covering multiple circumstances instead of one. Consider this type of insurance as an additional layer of liability coverage that begins reimbursing you once your primary coverage reaches its maximum payout.
• Excess Liability Insurance: Excess liability, also known as umbrella insurance, extends your coverage beyond the limits of your primary insurance policies (like home, auto, or watercraft insurance). It steps in when your primary policy reaches its limit, providing added financial protection against claims for injuries, damages, and other liabilities.

We provide our partners with solutions aimed at fostering a brighter financial future and equipping them with the necessary resources to navigate unforeseen legal hurdles. Fill out the form below to obtain the suitable umbrella or excess liability policy that enhances your financial well-being.

LET’S TALK ABOUT UMBRELLA/EXCESS COVERAGE OR REVIEW YOUR EXISTING POLICY TODAY

Give us a call at (800) 735-8325 or complete the short form below to get started.

UMBRELLA VS EXCESS LIABILITY INSURANCE—ARE THEY THE SAME?

Not necessarily. Both options protect your assets and financial well-being by providing an extra safety net against potentially devastating liability claims. However, they differ slightly in intention. 

Umbrella insurance may offer broader financial protection and support various policies, while excess liability coverage only adds additional resources to the attached policy. 

HOW DOES INSURANCE LIKE THIS WORK? 

The purpose of this insurance is to extend liability limits. Umbrella and excess liability insurance payments only kick in once a foundational policy becomes depleted. 

For example, if you get into an auto accident and are liable for $1,000,000 in damages, but your policy only covers $250,000 in damages, your umbrella or excess auto insurance may reimburse you for the remaining $750,000.

WHAT DO PLANS LIKE THIS COVER?

Opting for either of these choices is a wise decision that ensures the security of your financial future while equipping you with potential resources to address unforeseen issues.

Generally, most plans cover the following damages: 

• Bodily Injury: Covers expenses if you’re liable to pay medical bills that exceed your auto or homeowners insurance limits. Policies like these may also cover liabilities associated with dismemberment or loss of life. 
• Property Damage: Covers damages not included in other insurance policies, such as auto or homeowner’s insurance. An excess insurance plan only covers what’s detailed in the underwriting of its attached plan. 
• Legal Fees: Covers legal fees and court expenses during a lawsuit. Legal representation can be costly, and the expenses associated with a significant lawsuit may compel you to settle out of court, even when you believe you are not liable
• Other Kinds of Legal Damages: Both policies may also protect you against lawsuits for libel, slander, false arrest, malicious prosecution, violation of privacy, and other types of civil charges.

Remember that excessive liability insurance must be added to the policy or policies it pays out. 

HOW MUCH EXCESS LIABILITY OR UMBRELLA INSURANCE CAN I GET? 

Our expert insurance team will discuss your options during a one-on-one meeting to individualize a plan aligned with your needs and net worth.

SHOULD I GET EXCESS LIABILITY OR UMBRELLA INSURANCE?

We typically encourage high-earners with assets above $1,000,000 to have a plan to mitigate financial losses from being underinsured. Regardless, it’s a safe and affordable way for anyone at any income level to improve their financial future. 

Nevertheless, we generally recommend umbrella insurance to our partners seeking broader coverage. In contrast, we may suggest excess liability insurance if someone simply wants to elevate an existing policy. 

We invite you to schedule a consultation with one of our insurance experts to discuss your options by using the form above or calling us directly at (800) 735-8325.